Glenda’s Precision Automotive Inc is a local, full-featured auto shop in Happy Valley-Goose Bay with years of experience and skill. She got financing from a lender who gave her an MCA. The MCA meant that she would get financing in exchange for a percentage of her future daily credit and/or debit card sales.
At first she thought this could be a good quick-fix to get capital for her business. After she got the funds she soon realized the high-loan payments would be difficult in the long run. She also found that making daily payments made it difficult to track how much the loan was costing her and manage her cash levels.